16. Research and development incentives receivables

Notes to the consolidated financial statements

The table below illustrates the R&D incentives receivables related captions in the balance sheet as at 31 December 2019 and 2018.

 

31 December

(thousands of €)

2019

2018

Non-current R&D incentives receivables

93,407

73,443

Current R&D incentives receivables

21,949

11,203

Total R&D incentives receivables

115,356

84,646

The increase in R&D incentives receivables is explained by additional R&D incentives reported in 2019 for €34.1 million (€12.4 million related to French R&D incentives and €21.7 million related to Belgian R&D incentives), by the release of discounting profit of €0.1 million, decreased by the setup of tax provision in France for €0.4 million and decreased by the payments received related to Belgian R&D incentives amounting to €3.0 million. The R&D incentives receivables are future expected refunds or tax deductions resulting from R&D incentives on research and development expenses in France and Belgium. Non-current R&D incentives receivables are reported at their net present value and are therefore discounted over the period until maturity date.

The table below provides detailed information on the maturity of the non-current R&D incentives receivables reported in our balance sheet at 31 December 2019.

Non-current R&D incentives receivables

 

31 December 2019

 

 

Maturity date

 

(thousands of €)

2021

2022

2023

2024

2025 – 2029

Total

French non-current R&D incentives receivables – discounted value

9,668

10,223

11,913

 

 

31,804

 

 

 

 

 

 

 

Belgian non-current R&D incentives receivables – discounted value

4,881

5,734

7,534

10,190

33,263

61,603

 

 

 

 

 

 

 

Total non-current R&D incentives receivables – discounted value

14,549

15,957

19,447

10,190

33,263

93,407